RP says 2009 budget deficit may hit 2% of GDP

The Philippines’ budget deficit could widen to about 2 percent of gross domestic product (GDP) this year as revenue falls amid a slowing economy and government pump priming boosts spending, a cabinet official said on Monday.
The Southeast Asian country was estimated to have had a budget deficit of P75 billion ($1.6 billion) last year, or 1 percent of GDP. Official 2008 fiscal data is due for release later this month or in early March.

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